Hyatt Announces Plans for a Hyatt Regency Hotel in Bangkok
Hyatt continues its focus on Thailand’s commercial capital with plans for Hyatt Regency Bangkok, Sukhumvit.
CHICAGO - November 13, 2012 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Grande Asset Hotels and Property Public Company Limited, a Bangkok-based real estate development company, for Hyatt Regency Bangkok, Sukhumvit. Expected to open in 2017, the hotel will be the first Hyatt Regency-branded hotel in Bangkok, and will join the already open Grand Hyatt Erawan Bangkok.
“Bangkok continues to experience strong growth in visitor numbers and this solidifies its position as a major leisure and business destination in the South East Asia region. We believe the hotel’s locations, amenities and overall urban sophistication will be well suited to upscale corporate, leisure and business travelers’ needs.”
The plans for Hyatt Regency Bangkok, Sukhumvit represent an integral step towards the brand’s distribution in one of Asia’s key markets. Located in the heart of the rapidly expanding commercial city center, the hotel will be part of a mixed-use development that includes a boutique shopping experience and an upscale residential tower.
“Bangkok is a key gateway city in Asia and we are delighted at the opportunity to have a Hyatt Regency in this market. The hotel perfectly complements the currently operating Grand Hyatt Erawan Bangkok and the under-construction Park Hyatt Bangkok and will offer Hyatt guests a choice of high quality hotels,” said Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels and Resorts. “The addition of the hotel reflects Hyatt’s commitment to the region and to expanding its distribution in markets where guests are increasingly traveling,” added Verma.
Hyatt Regency Bangkok, Sukhumvit will feature 300 guestrooms, including 26 suites. Designed by renowned Thai architecture firm Bangkok Architects, the hotel will feature a three meal multi-cuisine restaurant, a specialty restaurant and a bar. Designed to offer a full range of services and facilities tailored to serve the needs of meeting planners, the hotel will have more than 10,700 sq ft (1,000 sq m) of contemporary meeting space, including a ballroom. Additional hotel amenities will include a six treatment- room spa, a fitness center, a swimming pool, and a club lounge.
“We are thrilled by plans for Hyatt Regency Bangkok, Sukhumvit,” said Watcharakiti Watcharothai, Grande Asset Hotels and Property Public Company Limited. “Bangkok continues to experience strong growth in visitor numbers and this solidifies its position as a major leisure and business destination in the South East Asia region. We believe the hotel’s locations, amenities and overall urban sophistication will be well suited to upscale corporate, leisure and business travelers’ needs.”
Centrally situated at Sukhumvit Road Soi 13 in close proximity to the Asoke station of the Bangkok Transit System, the hotel will offer efficient access and visibility, connecting guests with ease to key points of interest in the city and the airport. Given its central business district location, Hyatt Regency Bangkok, Sukhumvit will be surrounded by premium residences, the offices of major international companies and high-end retail stores.
For more information, please visit www.hyattdevelopment.com.
About Hyatt Regency
Hyatt Regency hotels are conveniently located in urban, suburban, airport, convention and resort destinations around the world. Properties range in size up to 2,000 rooms, feature intimate and large meeting spaces, and offer a full range of services and dining options tailored to serve the needs of conventions, business travelers or resort vacationers. Hyatt Regency enables all guests – whether they are traveling to work, unwind or gather in celebration – to feel productive and revitalized. www.hyattregency.com
About Grand Asset Hotels and Property Public Company Limited
Grande Asset Hotels and Property Public Company Limited is a listed company in the tourism and leisure category. The company has clear business goals and investment plans for the short-term and long-term: in the hotel and hospitality business, the company focuses on investment in luxury and upper-upscale hotels under world class hotel chains and in real estate development business, the company focuses on projects that provide short-term returns in prime locations such as the inner city business area near mass transit system both in the Bangkok metropolitan as well as major cities throughout the kingdom.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt HouseTM brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of September 30, 2012, the Company's worldwide portfolio consisted of 496 properties in 45 countries. For more information, please visit www.hyatt.com.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, general economic uncertainty in key global markets, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to short and medium-term group bookings; the impact of hotel renovations; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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